A veteran crypto analyst says that Bitcoin (BTC) could be setting up for another parabolic spike past all-time highs and beyond.
Pseudonymous trader Dave the Wave – who accurately called both the crypto market cycle top and bottom in 2021 and 2022 – tells his 147,000 followers on the social media platform X that Bitcoin is on the brink of a strong impulse to the upside.
He shares a chart suggesting that BTC may witness a fresh parabolic rally if it takes out resistance at $105,000.
“BTC parabolic breakout here and now… or a continued range?”
Based on his chart, Dave the Wave appears to suggest that BTC is grinding up against a resistance level around $105,400 that if broken, could lead to another jump to the upper bound of an ascending channel – possibly near $130,000 by about May. On the other hand, the trader’s chart suggests immediate support around the $92,000 level.
At time of writing, Bitcoin is trading at $108,386, above the trader’s resistance level.
By using Fibonacci extension levels, Dave the Wave says that a cycle top of $170,000 for Bitcoin is a potential target to keep an eye on. Traders use the Fibonacci extension tool to identify potential entry and exit levels for an asset based on the Fibonacci ratio.
Despite poor sentiment surrounding Ethereum due to its relative underperformance of other large-cap crypto assets, Dave the Wave still says that he’s targeting a rough area of around $7,600 in the short term for ETH.
“Seeing some ETH despair on my feed.
Freebie from my alts page to cheer you up a little.”
At time of writing Ethereum is worth $3,415.
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Generated Image: Midjourney
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